Tuesday, August 10, 2010

8/10 Forex

  • It all means nothing until the Fed announcement at 2:15 p.m. Eastern.
  • Dollar moves to bull phase against euro, cable, loonie, (EUR/USD, GBP/USD, USD/CAD).

ppspps openupper pivotlower pivot
EUR/USD US$1.30859 US$1.32207 aug10 US$1.33723 US$1.24593
USD/JPY¥86.025 ¥87.459 jul29 ¥88.407 ¥85.197
GBP/USD US$1.57252 US$1.58896 aug10 US$1.59853 US$1.51363
EUR/JPY ¥112.583 ¥112.87 jul27 ¥115.857 ¥108.617
USD/CAD C$1.03855 C$1.02694 aug10 C$1.0561 C$1.014
USD/MXN M$12.7019 M$12.5611 aug6 M$12.99897 M$12.243647

Today's moves are coming after a disappointing productivity report but before the Federal Open Market Committee announcement at 2:15 p.m., an announcement having added weight in light of several recent econ reports that suggest the recovery ain't.

EUR/USD dropped 1.1% intraday, slicing through the Person's Proprietary Signal moving averages. The preceding bull phase lasted 11 days saw a 2.6% price increase.

GBP/USD -- or cable -- also is down 1.2% intraday, slicing through the pps moving averages. The 12-day bear phase now ended saw prices rise 4.1%

USD/CAD so far today has seen a 1.2% price rise intraday, a magnitude similar to that of the other pairs. The 13-day bull phase that has ended saw prices decline by 2.1%. Three days of rising prices beginning Friday cut that decline in half.

The analysis uses the daily Person's Proprietary Signal, developed by John Person, and the monthly Person's Pivot, which he also developed.

These are black box signals -- the "proprietary" means that Mr. Person knows how they work under the hood, and I don't. But they have shown a fair degree of success in identifying good entry and exit points, and I find them useful.

On the glance, "pps open" means the price at the start of trading in the United States on the day the signal appeared.

Tim Bovee, Private Trader tracks the trades of a private trader for his own accounts. Nothing in this blog constitutes a recommendation to buy or sell stocks, options or any other financial instrument. The only purpose of this blog is to provide education and entertainment.

No trader is ever 100 percent successful in his or her trades. Trading in the stock and option markets is risky and uncertain. Each trader must make trading decision decisions for his or her own account, and take responsibility for the consequences.

No comments:

Post a Comment